Major International Business Headlines Brief::: 07 April 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  07 April 2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Perceived Anonymity, Victim-Blaming 'Fuels Cyberbullying
and Trolling'

ü  Africa: How the New U.S. Tariffs Were Calculated and What They Mean for
AGOA Trade Deal

ü  Nigeria Reacts to Trump's Tariffs, Avoids Retaliation

ü  Liberia's Offshore Potential Gets Boost

ü  Namibia: Central Bank Recommends Zero Taxes On Dairy Products

ü  Liberia: Access to Land Limits Women's Participation in Agriculture

ü  Namibia: Developed Human Resources Key to Namibia's Prosperity -
Kuugongelwa-Amadhila

ü  Liberia: LEC's New MD Vows to Tackle Liberia's Power Challenges

ü  Nigeria: Govt to Flag Off Cross River Section of Coastal Highway April 14

ü  Africa: Fuel Prices Drop Across Africa As Oil Slumps On Trump Tariffs

ü  Africa: Trump Tariff Hike Threatens $8b in African Duty-Free Exports to
U.S.

ü  Senegal's Debt Surges to 105% of GDP As IMF Backs Audit Findings

ü  Nigeria: No Respite for Textile Industry As Domestic Market Shrinks
Further

ü  Nigeria: NNPC Ships Out First Crude Cargo On Delta Tanker to Europe

 


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South Africa: Perceived Anonymity, Victim-Blaming 'Fuels Cyberbullying and
Trolling'

Cyberbullies often justify their actions as an "inevitable" within online
spaces while shifting blame onto their victims, reveals a new report by the
Centre for Analytics and Behavioural Change (CABC). The report, titled
Technology-Facilitated Gender-Based Violence on Social Media, analyzed
common understandings of Technology-Facilitated Gender-Based Violence
(TFGBV) on X (formerly Twitter) between February 1, 2024, and February 28,
2025.

 

The report defines TFGBV as "any act enabled by digital tools that is likely
to cause physical, sexual, psychological, social, or other forms of harm".
The conversation was categorised into five focus areas, including revenge
porn (sharing private or intimate photos or videos of a person, usually an
ex-partner, without consent), cyberbullying, trolling, doxxing (releasing
personal and identifying information without permission) and defamation.

 

 

According to CABC, the anonymity afforded by social media often fuels
cyberbullying, with consequences ranging from emotional and psychological
issues to, in severe cases, suicide. Anonymity is especially prevalent on X,
where users can create accounts with anonymous usernames. This allows
anonymous influencers and accounts to spread harmful content without fear of
repercussions due to their anonymity.

 

Researchers found that instead of condemning cyberbullying, there was more
emphasis on individuals who posted images and videos to tolerate or accept
the bullying as it came with the territory of being on social media.

 

Some users suggested that cyberbullying could be avoided by simply deleting
social media apps or blocking offensive content and accounts as sufficient
protection from potential harm. However, such sentiments shift
responsibility away from perpetrators but blame the victims for inviting
bullying simply by posting online - rather than holding bullies accountable
for their actions.

 

 

Victim-blaming was also evident in instances of trolling, where offensive
remarks were disguised as humour. This often took the form of body-shaming,
with individuals making derogatory comments about the appearance of those
who shared their images online.

 

Blaming individuals for being bullied was also detected under the category
of trolling, where offensive statements directed to some individuals were
disguised as humour. This took place in the form of body-shaming, where
individuals made unsavoury remarks about the appearance of others sharing
their images online.

 

Cyberbullying was not the only trivialised behaviour.

 

Researchers observed that some accounts downplayed the seriousness of
non-consensual sharing of intimate images and videos - commonly referred to
as revenge porn. Non-consensual sharing is any act that involves the sharing
of an intimate image or video of someone else without the permission of the
subject of the image or video.

 

The 'Revenge Porn' category returned a subset of the overall conversation
containing approximately 6,822 mentions and said mentions were reposted
around 8,930 times, with 5,227 unique authors contributing to the
conversation.

 

The report found out that the non-consensual sharing of intimate images and
videos remains an area of concern on South African social media,
particularly where the subjects of such images, videos are celebrities
and/or influencers.

 

CABC said that sharing intimate images or videos without permission is
dismissed as harmless, ignoring the possibility that those depicted may not
have given their consent for their private content to be distributed
publicly. Some users justified the sharing of intimate images and videos by
claiming that privacy is lost as soon as a photo is taken or a video is
recorded.

 

This act may stem from users' failure to understand the laws surrounding
'revenge pornography' as amended by South Africa's Films and Publications
Act, as well as misinformation spread online.

 

There is also a misunderstanding regarding the legal implications of sharing
intimate images or videos without consent. Some users believed that the law
only punishes the original distributor of the content, not those who reshare
it.

 

This is incorrect, as the law can also apply to those reposting, resharing,
or forwarding the image or video, reports CABC.

 

 

 

 

Africa: How the New U.S. Tariffs Were Calculated and What They Mean for AGOA
Trade Deal

Cape Town — The formula used by the Trump administration to calculate the
tariffs the United States is imposing on countries across the globe is being
widely criticised by trade specialists.

 

President Donald Trump characterised them as "reciprocal" as well as
generous to the countries he has targeted – claiming that duties imposed on
U.S. imports from each country amount to half those levied by those nations
on American exports.

 

The higher tariffs to be charged beginning April 9 affect 20 African nations
- as well as many others – and are distinct from the "baseline" tariffs on
goods imported from all countries that took effect on April 4.

 

"If a particular country was taxing American imports with a 50 percent
tariff, it might seem fair for the U.S. to tax their imports at 50 percent
as well," trade economists Peter Draper and Vutha Hing write in an analysis
published by The Conversation. "But appearances are deceiving."

 

 

Instead of comparing the actual tariffs charged by the U.S. and the targeted
nations, the administration has chosen what Draper and Hing describe as "a
crude formula based on bilateral trade deficits between the US and each
specific country."

 

Those calculations take the U.S. trade deficit with a target nation - the
value by which U.S. imports from the country exceed its exports to the
country, divides that figure by the value of the exports, then halves the
result to produce the new rate.

 

The details of the calculations published by the Office of the U.S. Trade
Representative are "highly misleading", write Draper and Hing. "While the
use of economic formulas... might give it an appearance of being grounded in
economic theory, it is detached from the rigours of trade economics," they
write. The methodology used ignores the large demand for imports by American
consumers and U.S. government debt.

 

 

"The U.S. runs large trade deficits not primarily because other nations have
high trade barriers but largely because Americans need to fund their debts
and want to buy lots of imported goods," they write.  "The formula assumes
every trade deficit is a result of other countries' unfair trade practices,
but that is simply not the case."

 

Take Lesotho, upon which the Trump administration will levy its highest
tariff of 50%.

 

Figures published by the U.S. Trade Representative show that U.S. imports
from Lesotho in 2024 totaled $237.3 million, while exports to Lesotho were
valued at $2.8 million. It is impossible to conceive of Lesotho, classified
by the United Nations as one of the world's 44 "least developed countries"
(LDCs), being able to import goods from the U.S. equal to the value of its
exports.

 

"Insisting on balanced trade with every trading partner individually is
bonkers," The Economist said in a scathing article, comparing the approach
to "asking a company to ensure that each of its suppliers is also a
customer." The London-based magazine also described the administration's
method of calculating tariffs as "almost as random as taxing you on the
number of vowels in your name".

 

 

Draper told AllAfrica that apart from the "arbitrary" nature of the U.S.
formula, it was "widely panned by the trade economics community." Now based
in Australia, heading the Institute for International Trade at the
University of Adelaide, he said: "What no one in Australia can understand is
why four Australian island territories, including two occupied solely by
penguins, also attracted higher tariffs than Australia's."

 

What remains unclear for the African nations on the list is whether the new
tariffs will override the concessions granted to 14 of the 20 Africa nations
under the African Growth and Opportunity Act (AGOA). That legislation –
adopted in 2000 and supported by both Republicans and Democrats – provides
duty-free access to the U.S. market to sub-Saharan African countries that
meet specified standards of political, legal, and economic governance.

 

At present, Lesotho, Madagascar, Mauritius, Botswana, Angola, South Africa,
Namibia, Cote d'Ivoire, Malawi, Zambia, Mozambique, Nigeria, Chad and the
Democratic Republic of the Congo qualify for AGOA and face the new, high
tariffs.

 

The government in South Africa is assuming that AGOA will fall away. In a
statement released on Friday, Foreign Minister Ronald Lamola and Trade
Minister Parks Tau said the "reciprocal" tariffs "effectively nullify" AGOA
preferences. They also contended that "South Africa's average tariff is 7.6
percent and therefore South Africa needs clarity on the basis for the 31
percent to be implemented by the U.S."

 

Kenya - which has better relations with the Trump administration than does
South Africa - is assuming the opposite, at least until September 2025, when
AGOA expires.

 

The Principal Secretary in Kenya's foreign ministry, Dr. A. Korir Sing'Oei,
told Kenyan media that since AGOA was passed by Congress, "it is our
considered view that until the law lapses at the end of September 2025 or
unless repealed earlier by Congress, the new tariffs imposed by President
Trump will in any event still not be immediately applicable".

 

 

 

Nigeria Reacts to Trump's Tariffs, Avoids Retaliation

In her statement, Ms Oduwole highlighted that Nigeria's major export to the
US was oil and other minerals

 

The Nigerian government has avoided retaliation on the 14 per cent tariffs
imposed on the country's exports by US President Donald Trump. Instead,
Nigeria said it would approach the World Trade Organisation (WTO) for a
beneficial solution to all parties.

 

"In response to the recent tariff announcements, Nigeria remains actively
engaged in consultations with U.S. counterparts and the WTO, approaching
evolving trade dynamics with pragmatism and a commitment to mutually
beneficial solutions," Trade Minister Jumoke Oduwole said in a statement.

 

PREMIUM TIMES reported Mr Trump's announcement of a 10 per cent tariff on
exports to the US for almost all the countries of the world. He then imposed
higher tariffs on 60 named countries with Nigeria getting 14 per cent, the
second highest in West Africa. Some of those countries like China and Canada
have either threatened or announced retaliatory tariffs while the WTO has
called for calm.

 

 

In her statement, Ms Oduwole highlighted that Nigeria's major export to the
US was oil and other minerals.

 

"Nigeria's exports to the United States over the last two years has
consistently ranged between $5-6 billion annually. A significant
portion--over 90 per cent--comprises crude petroleum, mineral fuels, oils,
and gas products. The second-largest export category, accounting for
approximately 2-3 per cent, includes fertilizers and urea, followed by lead,
representing around 1 per cent of total exports (valued at approx $82
million)," she said.

 

"Nigeria also exports smaller quantities of agricultural products such as
live plants, flour, and nuts, which account for less than 2 per cent of our
total exports to the US."

 

The minister also acknowledged what experts had told PREMIUM TIMES that
small agro-allied businesses that were benefiting from AGOA (a former US
policy to encourage agricultural imports from developing countries) will
also be affected by the new tariffs.

 

 

Read the minister's full statement below.

 

Federal Ministry of Industry, Trade and Investment - Position Statement on
U.S. Tariff Measures

 

The Federal Government of Nigeria acknowledges the recent tariff measures
announced by the Government of the United States of America, including
imposing a 14% tariff on Nigerian exports. While these developments
potentially impact global trade negatively, under the Administration of
President Bola Ahmed Tinubu GCFR and the Renewed Hope Agenda, Nigeria
remains firmly committed to building economic resilience and accelerating
export diversification.

 

The Federal Government of Nigeria considers the United States a valued trade
and investment partner, bound by shared values and mutual economic
interests. The U.S. Ambassador's visit to the Honourable Minister of
Industry, Trade and Investment on March 26, 2025 reaffirmed our joint
commitment to strengthening economic ties that benefit both economies.

 

 

In response to the recent tariff announcements, Nigeria remains actively
engaged in consultations with U.S. counterparts and the WTO, approaching
evolving trade dynamics with pragmatism and a commitment to mutually
beneficial solutions.

 

Since May 2023, Mr President has remained actively committed to attracting
and retaining much-needed investments from old and new friends of Nigeria.
The FGN is implementing a range of interventions in policy, financing,
infrastructure, and diplomacy to help Nigerian businesses remain competitive
amidst regional and global tariff hikes, including expanding alternative
market access opportunities and ensuring off-take diversification to reduce
and mitigate trade risks.

 

Nigeria's exports to the United States over the last 2 years has
consistently ranged between $5-6 billion annually. A significant
portion--over 90%--comprises crude petroleum, mineral fuels, oils, and gas
products. The second-largest export category, accounting for approximately
2-3%, includes fertilizers and urea, followed by lead, representing around
1% of total exports (valued at approx $82 million). Nigeria also exports
smaller quantities of agricultural products such as live plants, flour, and
nuts, which account for less than 2% of our total exports to the U.S.

 

While oil has long dominated Nigeria's exports to the US, non-oil
products--many previously exempt under AGOA--now face potential disruption.
A new 10% tariff on key categories may impact the competitiveness of
Nigerian goods in the U.S. For businesses in the non-oil sector, these
measures present distabilizing challenges to price competitiveness and
market access, especially in emerging and value-added sectors vital to our
diversification agenda.

 

SMEs building their business models around AGOA exemptions will face the
pressures of rising costs and uncertain buyer commitments. This development
strengthens Nigeria's resolve to boost its non-oil exports by strengthening
quality assurance, control, and traceability in Nigerian exports to meet
global standards and improve market acceptance into more economies across
the globe. It also signals for Africa--and Nigeria in particular--the urgent
need to enhance intra-African trade through the African Continental Free
Trade Area (AfCFTA), reinforcing the case for Nigeria's accelerated
implementation of the AfCFTA, deepening regional integration, and leveraging
frameworks like the Pan-African Payment and Settlement System (PAPSS) to
lower trade costs and promote intra-African trade.

 

"According to Dr Jumoke Oduwole, the Honourable Minister responsible for
Nigeria's Trade policy, the Federal Ministry of Industry, Trade and
Investment is approaching this moment with pragmatism and purpose--turning
global and regional trade policy challenges into opportunities to grow our
non-oil export footprint and build a more resilient economy."

 

Signed

 

Dr Jumoke Oduwole MFR

 

Honorable Minister

 

 

 

 

 

 

Liberia's Offshore Potential Gets Boost

Monrovia — In presentation at the Executive Mansion over the weekend, Fabian
Lai, Acting CEO of the National Oil Company of Liberia (NOCAL), delivered a
comprehensive progress report on NOCAL's groundbreaking partnership with
global geological and geophysical leader TGS NOPEC to President Joseph Nyuma
Boakai, cabinet ministers, and industry leaders.

 

This transformative 23-year collaboration has positioned Liberia as West
Africa's most promising energy frontier while setting equitable resource
development benchmarks.

 

According to the Acting CEO, the strategic partnership has resulted in the
acquisition of an extensive multi-client 2D and 3D seismic survey program,
covering over 15,000 square kilometers of Liberia's offshore basins. This
has positioned Liberia as a promising player in the energy sector,
attracting interest and investment from supermajors and independent oil
companies.

 

 

Lai emphasized the partnership's economic impact, stating that Liberia
currently receives 80% of revenues from legacy 3D data sales. This
revenue-sharing model has significantly bolstered the government's financial
resources, allowing for enhanced public services and community development.

 

In response, President Joseph Boakai lauded TGS NOPEC for its enduring
partnership and highlighted its significant role in the country's frontier
oil and gas industry and national development.

 

Underscoring the difficult circumstances faced by the country, particularly
regarding the reduction in USAID aid, the Liberian leader proffered the need
for increased CSR contributions in order to solidify TGS NOPEC as a
responsible partner. President Boakai further mandated a follow-up with TGS
NOPEC on increasing its CSR contributions, while also exploring additional
avenues for collaboration.

 

 

A cornerstone of the collaboration has been its focus on capacity building
and local empowerment. NOCAL, together with TGS NOPEC, has committed to
funding the education and professional development of Liberian staff both
domestically and internationally, ensuring that local talent is nurtured and
retained within the industry. In his presentation, Lai indicated that the
partnership is not just about data and profits, but also about empowering
the people and building a future where Liberians lead their energy sector.

 

Additionally, the Corporate Social Responsibility initiatives undertaken by
NOCAL as a result of this partnership demonstrate a profound commitment to
the community. Lai revealed annual contributions of US$200,000 for social
and welfare programs. Notable projects supported by these funds include the
renovation of the Intensive Care Unit (ICU) and the expansion of the trauma
unit at the John F. Kennedy Medical Center, with a total investment of
US$15,000.

 

Moreover, the provision of medical equipment valued at US$60,000 and the
acquisition of ICU beds costing US$142,955 have greatly contributed to
enhancing healthcare services in the capital.

 

Lai highlighted the support for market women and the Group of 77 by
providing US$40,000 towards initiatives that benefit women entrepreneurs and
the disabled, ensuring that the economic empowerment of communities is
paramount.

 

Looking to the future, Lai shared his leadership's plans to attract
additional investment with the anticipated executive allocation and conduct
further geological and geophysical studies onshore. Plans are also underway
to conduct a feasibility study on constructing a shore base to support
offshore exploration activities, which will undoubtedly create jobs and
stimulate local economies.

 

NOCAL's acting CEO reaffirmed his team's unwavering commitment to leveraging
its partnership with TGS NOPEC for the collective benefit of all Liberians.

 

He emphasized their determination to ensure that the energy sector
transforms into a cornerstone of national development, paving the way for
prosperity and growth for future generations.

 

With these initiatives, the partnership between NOCAL and TGS NOPEC
continues to set a benchmark for corporate collaboration in Liberia,
blending technological growth with sustainable development and community
empowerment.

 

Read the original article on New Dawn.

 

 

 

 

Namibia: Central Bank Recommends Zero Taxes On Dairy Products

The Bank of Namibia has suggested subsidies or zero-rated taxes on all milk
products to allow Namibian-made dairy products to compete with those
imported.

 

According to the Bank of Namibia's annual report, subsidies or zero taxes on
all milk products could put Namibia's dairy industry on par with those in
neighbouring countries.

 

"Namibia is currently at a disadvantage when competing with neighbouring
countries' milk products as the latter's products are zero-rated across the
board in those countries, while only fresh milk is zero-rated in Namibia,"
reads the report.

 

 

This means Namibia's dairy industry cannot compete with similar products
from abroad.

 

According to the central bank, the influx of cheaper dairy imports has put
the Namibian dairy industry on the verge of extinction.

 

"South African products are cheaper not only because that country has larger
economies of scale and cheaper inputs, but also because milk products
attract no sales tax," says the report.

 

This is despite Namibia's eight-year Infant Industry Protection initiative,
implemented to shield the industry, which expired in 2008.

 

"Despite these protective measures, the sector has struggled to meet
domestic demand," reads the report.

 

Nonetheless, the dairy industry has an opportunity to penetrate its
neighbours' markets.

 

However, the industry can benefit from neighbouring countries markets such
Angola with its high demand for cultured milk products (Omaere, Oshikandela
and Oshitaka).

 

Additionally, there should be tax incentives for those importing
agricultural raw materials intended for value addition.

 

"Raw materials imported into the country that are used as intermediate goods
to produce finished goods should not be subjected to unnecessary levies,"
notes the report.

 

The bank used an example of wheat which Namibia imports to make pasta.

 

However, upon entry in Namibia, it becomes 5% more expensive due to the 5%
levy imposed by the Namibian Agronomic Board (NAB), creating a disadvantage
when exported.

 

"If pasta is exported to the southern African market, it faces a
disadvantage when competing with South African or other global pasta
manufacturers, as pasta exports are indirectly taxed in Namibia," reads the
report.

 

The bank says although NAB uses its levy revenue for research and
agricultural growth domestically, it is killing the industry.

 

"NAB is making the millers worse off and killing the industrial process,"
says the report.

 

In South Africa, they have an Agro-Processing Support Scheme that aims to
encourage investment in agro-processing, which adds value to agricultural
products.

 

Read the original article on Namibian.

 

 

 

 

 

 

Liberia: Access to Land Limits Women's Participation in Agriculture

Women's participation in agriculture is being severely hindered by limited
access to land, according to Agnes Fred, Program Coordinator at Women in
Agriculture and Sustainable Development.

 

She emphasized that land ownership and accessibility remain major challenges
preventing women from fully engaging in agricultural production and
contributing to national food security.

 

Speaking at the recent Daylong Agriculture Journalism seminar in Monrovia,
Madam Fred highlighted the struggles faced by women in acquiring farmland,
despite their significant role in food production.

 

She noted that while women make up a large percentage of Liberia's
agricultural workforce, many do not have control over the land they
cultivate.

 

 

This, she explained, limits their ability to expand their farming
activities, secure financial support, and improve their livelihoods.

 

The female Agriculture specialist made a passionate appeal to the Food and
Agriculture Organization (FAO) and Liberia's Ministry of Agriculture (MOA)
to intervene and support women in securing farmland.

 

She urged these institutions to create policies and initiatives that would
grant women easier access to agricultural land, enabling them to become key
contributors to the nation's agricultural growth.

 

"We are calling on the FAO and MOA to assist women farmers in obtaining land
for agricultural purposes.

 

Without land, women cannot engage in sustainable farming, and this affects
their economic empowerment and Liberia's food production," Fred stated.

 

In addition to appealing to policymakers, Fred also called on the media to
play a proactive role in advocating for women in agriculture.

 

She encouraged journalists and media institutions to highlight the
challenges women face, create awareness, and mobilize support from both
governmental and non-governmental organizations.

 

"The media has a critical role in ensuring that the voices of women in
agriculture are heard.

 

We need strong advocacy to push for policies that will enable women to own
and access farmland without restrictions," she added.

 

Women's involvement in agriculture is crucial for national development.

 

Experts suggest that providing women with secure access to land will not
only enhance their productivity but also improve household nutrition, reduce
poverty, and strengthen Liberia's agricultural sector.

 

To achieve this, stakeholders, including government agencies, private sector
actors, and civil society organizations, must work together to: Implement
land reform policies that recognize women's rights to own and use land.
Offer financial and technical support to women farmers to boost their
agricultural activities.

 

Strengthen agricultural cooperatives where women can collectively acquire
and manage farmland.

 

With the right support, women can significantly contribute to Liberia's
agricultural development, ensuring food security and economic sustainability
for generations to come.

 

it is now up to policymakers, donors, and stakeholders to act. Investing in
women's agriculture is an investment in Liberia's future. -Edited by Othello
B. Garblah.

 

Read the original article on New Dawn.

 

 

 

 

 

 

Namibia: Developed Human Resources Key to Namibia's Prosperity -
Kuugongelwa-Amadhila

National Assembly speaker Saara Kuugongelwa-Amadhila says developed human
resources is a prerequisite for national development, which is necessary for
Namibia's prosperity, both for individuals and the country as a nation.

 

Kuugongelwa-Amadhila made these remarks in a speech read on her behalf
during a gala dinner at !Garibams Secondary School at Oranjemund over the
weekend.

 

She said it is important for the country to safeguard its independence and
sovereignty, as only Namibians themselves can ensure that the needs of their
country are met and that their national interests are safeguarded.

 

 

Kuugongelwa-Amadhila stated that education is at the centre of human
development, as it ensures citizens are equipped with the skills and
knowledge necessary to grow the economy and advance development, including
technological development and social upliftment of communities.

 

She said despite significant public investments in education, which have
broadened access and enhanced the quality of learning, there remains much
work to be done.

 

"As a nation, we have significant strides yet to make in unlocking the full
potential of our citizens. By fostering their development, we can drive
robust economic growth and empower individuals to seize the abundant
opportunities presented by our nation's vast resources," she noted.

 

Kuugongelwa-Amadhila also said there is a need for the country to evolve its
school curriculum to meet the current and future needs of the economy,
preparing students for a productive labour force while embracing innovation
and the application of new technologies.

 

"This vision can only be realised in the environment of partnership between
the government, the corporate sector and civil society, to impart requisite
skills and knowledge on our citizens and collaborate in research and
innovation," she said.

 

It is imperative that every school is adequately resourced with qualified
and motivated teachers, as well as essential equipment and supplies, to
foster optimal learning environments, she added.

 

The aim of the event was to raise funds to enhance the school's computer
lab, acquire teaching materials for technical subjects and strengthen the
school feeding programme.

 

During the gala dinner about N$60 000 was pledged.

 

Read the original article on Namibian.

 

 

 

 

 

 

 

Liberia: LEC's New MD Vows to Tackle Liberia's Power Challenges

The new Managing Director of the Liberia Electricity Corporation (LEC),
Mohammed Sheriff, paid a courtesy visit to the Minister of Mines and Energy,
Wilmot Paye.

 

Both MD Sheriff and Minister Paye exchanged friendly notes with bright
prospects of forging a cordial working relation that provides practical
solutions to addressing challenges facing electricity availability,
sustainability and affordability in Liberia.

 

During the official visit, the new LEC Managing Director also met in
audience, the Deputy Minister for Energy, Charles Umehai, who heads the
Department of Energy.

 

 

Minister Paye assured the LEC MD that his administration remains open and
supportive in cooperating with the Corporation to revamp the provision of
electricity which is a key driver to economic growth and national
development.

 

As sector lead, the Ministry of Mines and Energy has and continues to
exercise a strong leadership and policy guidance role, ensuring that all
actors of the sector are on course with effective and efficient
implementation of government programs and projects.

 

Mr. Sheriff was recently appointed by the President of the Republic, H.E
Joseph Nyuma Boakai, Sr., after the conclusion of an independent recruitment
process spearheaded by the Minister of Mines and Energy as Chairman.

 

He comes to the position as Head of the national power utility - (LEC)
having provided quality leadership over the sub-regional electricity body
known as CLSG, which connects Cote d'Ivoire, Liberia, Sierra Leone, and
Guinea in terms of electricity supply.

 

His appointments come at a critical time when the government is intensifying
efforts to stabilize and reform the electricity sector. With new leadership
in place, there are hopes for a renewed focus on improving the efficiency
and reach of Liberia's electricity distribution.

 

Beaming with smiles and positive hopes, Mr. Mohammed Sheriff looked ready to
hit the ground running in leading reforms and prevailing on transformation
at the LEC where necessary in order to revitalize the Corporation.

 

As the country looks toward progress in the energy sector, the acting
management at LEC faces the significant task of overcoming longstanding
challenges to deliver reliable and affordable power to the people of
Liberia.

 

Read the original article on Liberian Observer.

 

 

 

 

 

Nigeria: Govt to Flag Off Cross River Section of Coastal Highway April 14

The Federal Government is set to flag off construction of the Cross River
Section of the Lagos-Calabar Coastal Highway on April 14.

 

The section is known as Section B3 of the coastal highway project.

 

The Minister of Works, Sen. Dave Umahi, made the disclosure at a
stakeholders engagement on Section Two of the Lagos-Calabar Coastal Highway
project in Lagos on Sunday.

 

"We are going there, to Cross River, on the 14th, to flag off the
construction. By 15, we also go to Akwa Ibom to flag off.

 

"That 65km is the worst terrain. It is 65km times two, which is 130km," he
said.

 

On the second legacy project, Sokoto-Badagry Highway, the minister noted
that one section in Sokoto was 120km.

 

"The third section of Sokoto-Badagry is going to start from Badagry, but we
have a few challenges.

 

"We have rivers of three kilometres to cross. That is a lot of money.

 

"We have proposed four options, which I am going to be discussing with Mr
President, and whichever option he chooses, that is what we are going to
choose."

 

Umahi gave the assurance that procurement regarding the project would start
as soon as the discussions were over, after which work would start. (NAN)

 

Read the original article on Vanguard.

 

 

 

 

 

 

 

Africa: Fuel Prices Drop Across Africa As Oil Slumps On Trump Tariffs

Nigeria remains an exception. Prices there rose on April 2 as the Nigerian
National Petroleum Company adjusted prices upward amid ongoing subsidy
phaseouts

Fuel prices are falling across Africa amid a sustained decline in global oil
prices triggered by U.S. tariff hikes and an unexpected production increase
from OPEC+ members. Countries including Ivory Coast, Mali, Morocco, and
South Africa have all announced cuts in gasoline and diesel prices over the
past week.

 

 

In Ivory Coast, fuel prices dropped for the first time since 2020, with
unleaded gasoline down to 855 CFA francs per liter and diesel to 700 CFA.
Mali, Morocco, and South Africa also introduced adjustments following a near
7% fall in global oil prices since January.

 

The market downturn accelerated this week after President Donald Trump
announced sweeping tariff increases, raising concerns over a global
slowdown. A day later, eight OPEC+ nations said they would increase output
beyond earlier targets, fueling oversupply concerns. Nigeria remains an
exception. Prices there rose on April 2 as the Nigerian National Petroleum
Company adjusted prices upward amid ongoing subsidy phaseouts and a refining
standoff with Dangote's refinery project.

 

Daba is Africa's leading investment platform for private and public markets.
Download here

 

Key Takeaways

 

The double shock of U.S. trade protectionism and expanded OPEC+ output has
driven oil prices to their lowest levels in over a year, leading to fuel
price relief in many African countries. For nations with regulated fuel
pricing, such as Ivory Coast and Mali, the cuts arrive months after initial
crude declines. In liberalized or semi-liberalized markets like South Africa
and Morocco, changes take effect more quickly. Lower fuel prices may offer
temporary relief from inflation and transport costs, but benefits remain
uneven. Nigeria illustrates the limits of this trend: despite being Africa's
largest oil producer, the country's lack of domestic refining capacity and
the removal of subsidies continue to drive prices higher. As global
conditions remain fluid, African policymakers must navigate the dual
challenge of volatile oil markets and domestic fiscal constraints. In the
short term, reduced pump prices may ease economic pressure--but longer-term
effects will depend on structural energy reforms.

 

Read the original article on Daba Finance.

 

 

 

 

 

Africa: Trump Tariff Hike Threatens $8b in African Duty-Free Exports to U.S.

The move could undermine duty-free access for 32 sub-Saharan African
countries and hit key exporters like South Africa, Nigeria, and Madagascar

AGOA enabled African nations to export $8 billion in goods to the U.S. in
2024. But under the new tariffs, African exports will now face a baseline
10% duty

Africa faces new trade uncertainty following U.S. President Donald Trump's
decision to impose sweeping tariff increases on imports, affecting countries
previously covered under the African Growth and Opportunity Act (AGOA). The
move could undermine duty-free access for 32 sub-Saharan African countries
and hit key exporters like South Africa, Nigeria, and Madagascar.

 

 

AGOA enabled African nations to export $8 billion in goods to the U.S. in
2024. But under the new tariffs, African exports will now face a baseline
10% duty, with higher rates for some countries--up to 50% for Lesotho and
47% for Madagascar. The hardest-hit sectors include apparel, agriculture,
and automotive manufacturing.

 

Exemptions apply to certain raw materials, including oil, gold, and minerals
not available in the U.S., shielding some major exporters such as Nigeria
and Angola. However, countries reliant on manufactured or agricultural
exports, such as South Africa and Ivory Coast, face significant exposure.

 

The future of AGOA remains unclear.

 

Daba is Africa's leading investment platform for private and public markets.
Download here

 

Key Takeaways

 

The unilateral U.S. tariff hike places African trade at a crossroads. While
some raw materials like oil, gold, and copper remain exempt, value-added
exports--such as South African cars, Ivorian cocoa, and Madagascan
textiles--face major disruption. AGOA, a cornerstone of U.S.-Africa trade
since 2000, now risks becoming irrelevant if blanket tariffs are applied.
For countries like Lesotho and Madagascar, where apparel exports to the U.S.
drive jobs and GDP, the consequences may be severe. Trade-dependent sectors
employing tens of thousands are now vulnerable. The move could reverse
progress in industrialization and threaten foreign investment in
export-oriented industries. With U.S. market access no longer guaranteed,
African economies may accelerate diversification efforts and seek
alternative trade partners in Asia, the EU, and within the African
Continental Free Trade Area (AfCFTA). In the short term, however, the
continent's most vulnerable economies may need targeted support to cushion
the blow--and policymakers may press Washington to revisit the decision or
expand exemptions.

 

Read the original article on Daba Finance.

 

 

 

 

 

 

Senegal's Debt Surges to 105% of GDP As IMF Backs Audit Findings

The IMF mission to Dakar, conducted in March, validated the Court's report,
further aligning with President Bassirou Diomaye Faye's administration

Senegal now faces constrained access to international capital markets. A
$300 million emergency raise in October came at a 6.33% rate over three
years

Senegal's public debt rose to 105.7% of GDP by the end of 2024, according to
the IMF, which has endorsed findings by the country's Court of Auditors
highlighting significant fiscal mismanagement under former President Macky
Sall. The IMF mission to Dakar, conducted in March, validated the Court's
report, further aligning with President Bassirou Diomaye Faye's
administration.

 

 

The audit revealed alleged data manipulation and corruption from 2019 to
2023, with debt projected to reach 114% of GDP by year-end. Prime Minister
Ousmane Sonko and Economy Minister Abdourahmane Sarr have publicly accused
the previous administration of financial misconduct. Moody's has downgraded
Senegal's sovereign rating twice since October 2024, and the country's
Eurobonds have dropped 35% on the London market.

 

Senegal now faces constrained access to international capital markets. A
$300 million emergency raise in October came at a 6.33% rate over three
years. An IMF-supported program is under discussion but may not materialize
before mid-2025.

 

Daba is Africa's leading investment platform for private and public markets.
Download here

 

Key Takeaways

 

Senegal's economic outlook is under pressure as the fallout from post-audit
revelations deepens. The Court of Auditors' report, supported by the IMF,
outlines a debt burden and budget deficit that have spooked international
markets and prompted credit downgrades. Though the IMF insists it relies on
government-supplied data, its prior disbursements--over $770 million in
2023--have drawn criticism. Accusations of misreporting and calls for legal
action signal possible prosecutions, though a bill criminalizing
embezzlement would not apply retroactively. Political tensions remain high,
with opposition party APR disputing the audit process and challenging the
IMF's conclusions. The current government must now balance restoring fiscal
credibility with social spending promises. Despite economic growth projected
at 6% in 2024--driven by new oil and gas production--accessing external
financing remains a challenge. Investors await clarity on the IMF's next
steps and potential reforms, as Senegal works to stabilize public finances
and maintain investor confidence.

 

Read the original article on Daba Finance.

 

 

 

 

 

 

Nigeria: No Respite for Textile Industry As Domestic Market Shrinks Further

The Nigerian textile industry has continued to struggle with available data
showing that the sector's contribution to the Gross Domestic Product (GDP)
in steady decline over the past 5 years.

 

But while data shows decline in the domestic front, the export value is
showing consistent increases, though largely due to currency depreciation.
The data also shows sustained rise in importation.

 

Grouped along with footwear, data from the National Bureau of Statistics
(NBS) revealed that the sector contracted by 8.1 percent to N1.224 trillion
in 2024 from N1.332 trillion in 2020.

 

A breakdown of the data for the five year period shows a consistent downward
trend.

 

 

>From the 2020 figure, the sector recorded a GDP decline of 1.27 percent to
N1.315 trillion in 2021, and further down by 2.23 percent to N1.286 trillion
in 2022.

 

The decline rate accelerated to 3.06 percent in 2023 when it recorded N1.247
trillion and in 2024 it went down by 1.8 percent to N1.224 trillion.

 

The data further shows the sector's declining percentage share of total GDP
which stood at 1.9 percent in 2020, 1.82 percent in 2021, 1.72 percent in
2022, 1.72 percent in 2023, and 1.63 percent in 2024.

 

Stakeholders have identified uncontrolled importation through smuggling,
counterfeiting and infrastructural decay as some of the major reasons for
the sector's struggles.

 

For instance, amidst the local industry's struggles, over the five year
figure under review, the value of imported textile and textile articles rose
by 298 percent to N726.18 billion in 2024 from N182.53 billion in 2020.

 

 

The spate of importation surged 52.7 percent to N278.77 billion in 2021 from
2020, rose by 31.1 percent to N365.46 billion in 2022, and in 2023, textile
imports increased by 3.2 percent to N377.08 billion.

 

However, in 2024, the importation of textiles and textile articles
skyrocketed by 92.6 percent to N726.18 billion, which can be mostly
attributed to the effect of the devaluation of the Naira.

 

But industry observers said the import figures are for officially imported
and recorded transactions, indicating that actual figures are likely to by
three times higher as most of the importations happen informally through
large scale smuggling.

 

However, the sector also witnessed a surge in export value over the period
under review.

 

Data shows that the country's textile and textile article exports increased
by 514 percent to N36.981 billion in 2024 from N6.022 billion in 2020 also
due to depreciation of the Naira.

 

 

A breakdown of the data shows that in 2020, the sector exported N6.022
billion worth of textile articles, N12.292 billion in 2021, N10.267 billion
in 2022, N18.755 billion in 2023, and N36.981 billion in 2024.

 

Textile mills down to 20 from 180

 

Commenting, President of the National Union of Textile, Garment and
Tailoring Workers of Nigeria (NUTGTWN), Godonu Peters, lamented the comatose
state of the once vibrant textile industry in Nigeria.

 

His words: "There was once a vibrant textile industry in Nigeria. The
industry, with its umbilical linkage to the cotton sector and share in
non-oil exports is of vital importance to the economy.

 

"In the 1970's and 1980's, Nigeria was home to Africa's largest textile
industry, with over 180 textile mills in operation.

 

"The industry employed some direct 650,000 workforce and indirect millions
of cotton farmers, traders and garment workers and tailors throughout the
country.

 

"Regrettably, most of the factories have stopped operations due to lack of
an enabling environment and inconsistency in government policy.

 

"Over the years, the number of textile mills has reduced from over 180 to
about 20, many of which are in a perilous state.

 

"The combined workforce in Nigeria's textile industry stands at less than
20,000 workers. The worst hit are the clothing and apparel industries."

 

Smuggling, counterfeiting major problems

 

Peters further stated: "Unrestrained smuggling/importation and
counterfeiting of Made-in-Nigeria textiles is a major problem facing the
Nigerian textile sector. As Africa's richest man, Aliko Dangote, recently
said, the real problem in the textile industry is not lack of cheaper power
or even working capital. If you give the industries cheaper power but allow
the smuggling to continue the industries will not still survive.

 

"The truth is that foreign companies are using Nigeria as a dumping ground.
Today, over 90 per cent of textile products in Nigerian markets are either
smuggled or imported into the country."

 

Public policies have largely failed - NUTGTWN

 

However, the General Secretary of NUTGTWN, Ali Baba, charged the government
on effective implementation of intervention programmes aimed at reviving the
textile industry.

 

He stated: "Successive governments in Nigeria since 1999 following the
efforts of the union and industry stakeholders have introduced various
measures and intervention programmes aimed at reviving the textile industry.

 

"But there is a huge gap between policy pronouncements and actual
implementation. The said measures have not yielded the required boost in the
sector as the real problems undermining the progress and growth of the
sector have not been properly addressed.

 

"We are excited with the enthusiasm of the current administration to revive
the textile industry. Recently, the new Minister of State for Industry,
Trade and Investment, Senator John Enoh, reiterated the government's
commitment to reviving the textile sector, enhancing its value chain, and
promoting made-in-Nigeria goods to reduce import dependency.

 

"Government needs to urgently convene an all inclusive stakeholders' summit
on the revival of the textile industry. The summit will discuss and review
the current state of the industry, identify the key challenges and come up
with practical suggestions and ideas that will support the growth and
development of the industry."

 

According to Baba, "There should also be sustainable industrial policy in
place for the country. All the things that led to the death of our
industries can be traced to inconsistent industrial policy. There should be
a sustainable industrial policy emphasising the need to add value to cotton
and other raw materials rather than importing finished goods or textiles
from abroad.

 

"However, Nigeria is not short of good industrial policies and initiatives
for sustainable industrial development. What is lacking is the political
will to ensure effective implementation of the policies and measures.

 

"Conscious effort must be made to curb smuggling and unrestrained import of
textile products. Importation is presently discouraging local production and
putting a strain on foreign reserves as well as weakening the economy.

 

"Worldwide, government's patronage is a critical success factor for
industrial growth and development. The current administration must ensure
enforcement of Executive Order 003, making it mandatory for government's
Ministries, Departments and Agencies as well as Uniformed services to use
their budgets to patronize Made-in-Nigeria textile thereby reviving the
local industries, create mass decent jobs and get our youths gainfully
employed.

 

"Given the specific challenges faced by the industries, it is vital for the
government to encourage domestic production and industrialization through
its procurement policies. We must enforce the existing local patronage
policies and laws including the Executive Order 003.

 

"Implementation of stricter border controls and enhancing enforcement of
anti-smuggling laws are also critical to protect local industries from
unfair competition. The Nigeria Customs Service must be on duty to
effectively combat smuggling and dumping of sub-standard goods from China,
India and other Asian countries into Nigeria which has crippled local
industries."

 

Energy infrastructure, major challenge - Employers

 

In his own remarks, Director General of Textile and Garment Employers
Federation, Mr Kwajjafa Hamma, said: "I will consider energy infrastructure
as the main challenge. You see, we use heavy-duty machinery and such
machinery consumes huge amounts of electricity.

 

"You can imagine today Nigeria's population is more than 200 million and we
manage only 4000 megawatts of electricity. Industrialised countries like
South Africa use up to 50,000megawatts of electricity and charge 4 cents per
kilowatts hour while Nigeria charges over 20 cents per kilowatts hour and
hence constitutes the biggest challenge on competitiveness.

 

"This means we cannot export and make meaningful profits even within Africa.
This means that even domestically, our cost of production goes high.That
means those countries whose cost is lower could bring their products on our
shores and sell cheaper, thereby driving our products out of the market.
With the cost of power at lower rates, their countries incentivize them on
the products they export. They don't increase power tariff arbitrarily on
manufacturing since they have what's called textile hubs, which have a
separate tariff."

 

Need for enforcement of Executive Order 003 - MAN

 

As a way out, Director General of Manufacturers Association of Nigeria
(MAN), Segun Ajayi-Kadir, also called for strict enforcement of Executive
Order 003.

 

He said: "Importation is presently discouraging local production and putting
a strain on foreign reserves as well as weakening the economy.

 

"Structural constraints should be addressed to reduce cost of local
production, which remains significantly high.

 

"Whilst the structural challenges may require a long-term approach to
resolve, the government could focus on the low-hanging fruits.

 

"It could deliberately facilitate backward integration and ensure a
friendlier operating environment that will encourage expansion and inflow of
fresh investments.

 

"There is a need to implement the new cluster industrial framework that
allows manufacturers to produce efficiently for domestic consumption and
export.

 

"The advocacy of MAN in 2016 to promote the consumption of locally made
products yielded desired results as the Federal Government also formally
launched the "Buy Naija Campaign", signed Executive Orders 003 and 005 that
seek to promote improved patronage and local content.

 

"However, there appears not to be a well-structured platform for monitoring,
evaluation, control and objective interrogation of the effectiveness of
these orders."

 

Read the original article on Vanguard.

 

 

 

 

 

Nigeria: NNPC Ships Out First Crude Cargo On Delta Tanker to Europe

The Nigerian National Petroleum Company Limited (NNPC) has clinched another
breakthrough export deal by shipping out its own cargo to a customer in
Europe, THISDAY learnt at the weekend.

 

The crude will be loaded on 9 or 10 April on Greek owner Delta Tankers'
164,000-dwt Meltemi I (built 2006), chartered by the Nigerian producer's
NNPC Shipping, TradeWinds Media Group reported.

 

"NNPC Trading concluded in March a deal to sell the first delivered crude
cargo to one of the big oil majors," Panos Gliatis, Managing Director of
NNPC Shipping, told TradeWinds.

 

The deal has been done on an ex-ship basis, where the seller takes
responsibility for shipping and insurance. The tanker has options to
discharge in various ports in Europe.

 

 

"This is a milestone for NNPC and Nigeria. So far it was considered a
free-on-board market," Gliatis was quoted to have added.

 

The deal follows on from the company's first shipments of LNG on the same
basis last year. TradeWinds reported in August that the move was "in line
with its strategic vision to be a dynamic and reliable global energy
supplier of choice". Two gas shipments went to Japan and China.

 

The milestone was achieved through the collaboration of NNPC LNG and NNPC
Shipping. The first cargo was delivered on Knutsen OAS Shipping's
174,000-cbm LNG carrier Grazyna Gesicka (built 2023) to Futtsu, Japan.
Another vessel then went to China. NNPC has been involved in LNG trading
since 2021.

 

The group has since said it is forming a joint venture with Stena Bulk in
Sweden to own a fleet of tankers and gas carriers to serve West African
markets. The two companies will form the venture with domestic oil and gas
logistics firm Caverton Marine.

 

 

The operation is targeting a modern and efficient fleet, comprising new and
existing tonnage depending on market factors and commercial opportunities in
the region, the partners said.

 

The plan is likely to have arisen out of a suezmax charter deal agreed last
year by NNPC Shipping and the Stena group.

 

In October, NNPC Shipping fixed crude tankers to supply oil to Nigeria's
huge new Dangote refinery. The company reached a deal to supply two
suezmaxes on time charter for the business.

 

Also, Asia's oil hub of Singapore is set to receive more fuel oil from
Nigeria's Dangote refinery in April, following a jump in arrival volumes
last month, according to trade sources.

 

The refinery has offered additional residual fuel for export in its latest
tender this week, with the cargo set to load between April 17 and April 19,
sources told Reuters.

 

 

The combination cargo will comprise about 85,000 metric tons of low-sulphur
straight-run fuel oil and 35,000 tons of slurry. The tender closes on
Friday, sources said.

 

Prior to this, the refiner had sold a cargo for loading scheduled between
April 10 and April 12, based on tender records compiled by Reuters. Asia was
the top destination for fuel oil exports from the Dangote refinery in 2024,
based on data from shipping analytics firm Kpler.

 

Dangote exports fuel oil on an occasional basis depending on refinery plant
status, sources said. Asia received a record monthly high of Nigerian fuel
oil arrivals in March totalling more than 300,000 tons, data from Kpler
showed.

 

Expectations of higher supplies are expected to cap fuel oil benchmarks in
Asia, which have already softened in recent sessions.

 

The vessels came from the Stena Sonangol Suezmax Pool, controlled by Stena
and Angola oil producer Sonangol.

 

Also at the weekend, oil prices plunged to their lowest in over three years
as China ramped up tariffs on U.S. goods, escalating a trade war that has
led investors to price in a higher probability of recession.

 

China, the world's top oil importer, announced it will impose additional
tariffs of 34 per cent on all U.S. goods from April 10. Nations around the
world have readied retaliation after Trump raised tariffs to their highest
in more than a century.

 

Oil fell to as low as $60 per barrel on Friday, raising fears over Nigeria's
capacity to fund its budget this year. Although, it may likely lower fuel
pump price in Nigeria, it is also likely to lower government revenue.
Nigeria's benchmark in the 2025 budget is set at $75 per barrel.

 

Meanwhile, Goldman Sachs analysts have responded with sharp cuts to their
December 2025 targets for Brent and WTI by $5 each to $66 and $62
respectively.

 

"The risks to our reduced oil price forecast are to the downside, especially
for 2026, given growing risks of recession and to a lesser extent of higher
OPEC+ supply," the bank's head of oil research, Daan Struyven, said in a
note.

 

It stated that it expects oil demand to grow by 600,000 bpd in 2025, down
from its previous forecast of 900,000 bpd, and to increase by 700,000 bpd in
2026.

 

Goldman lowered its forecast for Brent crude oil's average price this year
by 5.5 per cent to $69 per barrel and for US West Texas Intermediate (WTI)
prices by 4.3 per cent to $66 per barrel, citing the risks of higher supply
by the Organisation of Petroleum Exporting Countries and its allies (OPEC+)
and the global tariff-led trade war, likely triggering a recession.

 

It showed OPEC's flexibility to rapidly implement large output hikes,
diminishing the likelihood of a short-term price boost from lower supply.
The brokerage said it now expects oil demand to grow by only 600,000 barrels
per day (bpd) this year, down from its previous forecast of 900,000 bpd, and
to increase by 700,000 bpd in 2026.

 

China, the world's top oil importer, announced it will impose additional
tariffs of 34 per cent on all US goods from April 10. Nations have readied
retaliation after Trump raised tariffs to their highest in more than a
century.

 

Read the original article on This Day.

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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for guideline purposes only and d from third parties.

 


 

 


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